Universal Health Services Q3 profit falls to $309M

Nine-month operating cash flow reached $1.481 billion, and $735.4 million remained under UHS's stock repurchase authorization at September 30, 2026.

Rhea-AI Filing Summary

Universal Health Services (UHS) reported third-quarter 2026 revenue of $4.733 billion, up 5.3% year over year, while net income attributable to UHS was $308.7 million versus $373.0 million and diluted EPS was $5.22 versus $5.86. EBITDA net of NCI was $640.4 million, compared with $684.2 million; adjusted EBITDA net of NCI was $624.6 million versus $670.6 million.

On a same-facility basis, acute-care revenue increased 4.7%, though revenue per adjusted admission and per adjusted patient day each decreased 1.7%. Behavioral-health revenue rose 4.0%, with revenue per adjusted admission up 1.7% and per adjusted patient day up 2.1%. The quarter included an approximately $21 million net favorable pre-tax impact from Medicaid supplemental payments, partly offset by a $26 million increase in self-insured claims reserves.

For the first nine months, revenue rose 7.7% to $13.867 billion and operating cash flow increased 14.9% to $1.481 billion. UHS repurchased 3.915 million shares for approximately $689.6 million, with approximately $735.4 million of authorization available at September 30, 2026. UHS completed its acquisition of Talkspace, Inc. in August 2026.

2 points · 0 major

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 2 points

How the balance works

Positive

• Moderate pointRevenue rose 5.3% in Q3 2026.
• Moderate pointOperating cash flow increased 14.9% in the first nine months of 2026.

Negative

• Moderate pointQ3 net income attributable to UHS was $308.7 million, versus $373.0 million.
• Moderate pointQ3 EBITDA net of NCI was $640.4 million, versus $684.2 million.

Filing Explained

UHS reported $1.187 billion of available revolver borrowing capacity at September 30, 2026.

Form 8-K reports specified material events; this filing reports UHS's third-quarter and nine-month results and updates the Cumberland litigation.

UHS says it reached a tentative agreement to resolve outstanding claims of current claimants, but final releases and any required court approvals remain pending.

UHS believes commercial excess insurance covers a substantial portion of the settlement and related expenses, with recorded reserves covering the remainder; the settlement terms are confidential.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Net revenues: $4.733 billion; up 5.3% Net income attributable to UHS: $308.7 million Diluted EPS attributable to UHS: $5.22 per diluted share +4 more

7 metrics

Net revenues $4.733 billion; up 5.3% Third quarter of 2026 compared with the third quarter of 2025

Net income attributable to UHS $308.7 million Third quarter of 2026; $373.0 million in the third quarter of 2025

Diluted EPS attributable to UHS $5.22 per diluted share Third quarter of 2026; $5.86 in the third quarter of 2025

EBITDA net of NCI $640.4 million Third quarter of 2026; $684.2 million in the third quarter of 2025

Net cash provided by operating activities $1.481 billion; increased 14.9% Nine months ended September 30, 2026, compared with the first nine months of 2025

Stock repurchases 3.915 million shares; approximately $689.6 million aggregate cost First nine months of 2026

Available repurchase authorization Approximately $735.4 million As of September 30, 2026

Key Terms

EBITDA net of NCI, same facility basis, adjusted admissions, Medicaid supplemental payment programs, +1 more

5 terms

EBITDA net of NCI financial

"our EBITDA net of NCI, was $640.4 million"

EBITDA net of NCI is a company’s earnings before interest, taxes, depreciation and amortization after removing the portion that belongs to non-controlling (minority) shareholders. It shows the cash-like operating profit attributable to the owners of the parent company, like measuring the size of a pie after giving minority owners their slice. Investors use it to compare core operating performance that actually accrues to the controlling shareholders.

same facility basis financial

"on a same facility basis"

A measurement that compares operational or financial performance using only facilities that were open and operating in both reporting periods, excluding effects from newly opened, closed, sold, or acquired locations. It isolates how the same physical sites performed over time so investors can see underlying trends without distortion from changes in the number or mix of facilities. Think of it as comparing results from the same set of stores or factories rather than the company as a whole.

adjusted admissions medical

"adjusted admissions (adjusted for outpatient activity)"

Adjusted admissions are the number of patient entries a hospital or healthcare system reports after removing or standardizing factors such as transfers, planned procedures, short-stay visits, or seasonal swings so the figure reflects underlying patient demand. For investors, this is like looking at a store’s sales after removing one-time events — it gives a clearer view of ongoing utilization, revenue potential, and whether capacity is being used efficiently.

Medicaid supplemental payment programs regulatory

"increases in amounts received from Medicaid supplemental payment programs"

State-run Medicaid supplemental payment programs are extra payments layered on top of standard Medicaid reimbursements to hospitals and other providers, often delivered through mechanisms like disproportionate share, upper payment limits, provider taxes, and intergovernmental transfers. They matter to investors because these top-up payments can meaningfully boost a provider’s revenue and cash flow; changes in program rules, audits, or funding levels can therefore affect a health system’s reported earnings and financial stability, similar to how a regular paycheck plus occasional bonuses changes household income.

revolving credit facility financial

"terms of our $1.5 billion revolving credit facility"

A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.

Earnings Snapshot

Net revenues: $4.733 billion

Third quarter ended September 30, 2026

Net revenues $4.733 billion +5.3% year over year

Net income attributable to UHS $308.7 million Versus $373.0 million in the third quarter of 2025

Diluted EPS attributable to UHS $5.22 per diluted share Versus $5.86 per diluted share in the third quarter of 2025

EBITDA net of NCI $640.4 million Versus $684.2 million in the third quarter of 2025

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What drove UHS's approximately $21 million favorable pre-tax impact in Q3 2026?

UHS recorded a $47 million favorable net pre-tax impact from increased Medicaid supplemental payments, partly offset by a $26 million unfavorable pre-tax impact from higher self-insured professional and general liability claim reserves. The aggregate net impact was approximately $21 million.

How much revolving credit capacity did UHS have at September 30, 2026?

UHS had $1.187 billion of available borrowing capacity under its $1.5 billion revolving credit facility, net of $310 million of outstanding borrowings and $3 million of letters of credit.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/27/2026 - 05:04 PM EDT Accepted by SEC EDGAR 10/27/2026 - 05:03 PM EDT Learn about SEC filing dates

0000352915false00003529152026-10-272026-10-27

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 27, 2026

UNIVERSAL HEALTH SERVICES, INC.

(Exact name of registrant as specified in its charter)

Delaware		1-10765		23-2077891
(State or other jurisdiction of		(Commission		(I.R.S. Employer
Incorporation or Organization)		File Number)		Identification No.)

UNIVERSAL CORPORATE CENTER

367 SOUTH GULPH ROAD

KING OF PRUSSIA, Pennsylvania 19406

(Address of principal executive office) (Zip Code)

Registrant’s telephone number, including area code (610) 768-3300

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class B Common Stock	UHS	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Item 2.02 Results of Operations and Financial Condition.

On October 27, 2026, Universal Health Services, Inc. issued the press release attached hereto as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1		Universal Health Services, Inc., press release, dated October 27, 2026
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

Exhibit Index

Exhibit No.		Exhibit
99.1		Universal Health Services, Inc., press release, dated October 27, 2026.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Universal Health Services, Inc.
By:		/s/ Steve Filton
Name: Steve Filton
Title: Executive Vice President and             Chief Financial Officer

Date: October 27, 2026

Exhibit 99.1

FOR IMMEDIATE RELEASE

October 27, 2026

CONTACT:	Darren Lehrich
	Vice President-Investor Relations
	610-382-3310
	Darren.Lehrich@uhsinc.com

UNIVERSAL HEALTH SERVICES, INC.

ANNOUNCES FINANCIAL RESULTS FOR THE

THREE AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2026

Consolidated Results of Operations, As Reported and As Adjusted – Three-month periods ended September 30, 2026 and 2025:

KING OF PRUSSIA, PA – Universal Health Services, Inc. (NYSE: UHS) announced today that its reported net income attributable to UHS was $308.7 million, or $5.22 per diluted share, during the third quarter of 2026, as compared to $373.0 million, or $5.86 per diluted share, during the third quarter of 2025. Net revenues increased by 5.3% to $4.733 billion during the third quarter of 2026, as compared to $4.495 billion during the third quarter of 2025.

Included in our operating results during the third quarter of 2026, was an aggregate net favorable pre-tax impact of approximately $21 million recorded in connection with the following items which were not included in our 2026 operating results forecast, as previously disclosed on July 27, 2026: (i) a favorable net pre-tax impact of $47 million (net of related provider taxes) recorded in connection with increases in amounts received from Medicaid supplemental payment programs in various states (consisting primarily of Washington, D.C. and California), partially offset by; (ii) an unfavorable pre-tax impact of $26 million resulting from an increase to our reserves for self-insured professional and general liability claims due primarily to the tentative settlement agreement reached during the third quarter of 2026 in the matter discussed below in Legal Proceedings Update.

Included in our operating results during the third quarter of 2025, was an aggregate net favorable pre-tax impact of approximately $55 million recorded in connection with the following: (i) $90 million of pre-tax reimbursements (net of related provider taxes), covering the period of October 1, 2024 through September 30, 2025, in connection with a Medicaid state directed payment program in Washington, D.C., and; (ii) a $35 million pre-tax charge incurred to increase our reserves for self-insured professional and general liabilities resulting from unfavorable claims’ trends.

As reflected on the Schedule of Non-GAAP Supplemental Information (“Supplemental Schedule”), there were no adjustments applicable to our operating results during the third quarter of 2026.

As reflected on the Supplemental Schedule, included in our reported results during the third quarter of 2025 were: (i) an unrealized after-tax gain of $10.0 million, or $.16 per diluted share ($13.1 million pre-tax), resulting from an increase in the market value of certain equity securities that were sold during the fourth quarter of 2025 (included in “Other (income) expense, net”), and; (ii) a favorable net after-tax impact of $0.6 million, or $.01 per diluted share, resulting from the net tax benefit recorded in connection with “ASU 2016-09”, Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting, net of the impact of executive compensation limitations pursuant to IRC section 162(m). After giving effect to these items, our adjusted net income during the third quarter of 2025 was $362.3 million, or $5.69 per diluted share.

As calculated on the attached Supplemental Schedule, our earnings before interest, taxes, depreciation & amortization (“EBITDA net of NCI”, NCI is net income attributable to noncontrolling interests), was $640.4 million during the third quarter of 2026, as compared to $684.2 million during the third quarter of 2025. Our adjusted earnings before interest, taxes, depreciation & amortization (“Adjusted EBITDA net of NCI”), which

excludes the impact of other (income) expense, net, was $624.6 million during the third quarter of 2026, as compared to $670.6 million during the third quarter of 2025.

Consolidated Results of Operations, As Reported and As Adjusted – Nine-month periods ended September 30, 2026 and 2025:

Reported net income attributable to UHS was $1.016 billion, or $16.86 per diluted share, during the first nine months of 2026, as compared to $1.043 billion, or $16.07 per diluted share, during the comparable period of 2025. Net revenues increased by 7.7% to $13.867 billion during the first nine months of 2026, as compared to $12.879 billion during the comparable period of 2025.

As reflected on the Supplemental Schedule, our adjusted net income during the first nine months of 2026 was $1.014 billion, or $16.83 per diluted share, as compared to $1.030 billion, or $15.87 per diluted share, during the comparable period of 2025.

As reflected on the Supplemental Schedule, included in our reported results during the first nine months of 2026 was a favorable net after-tax impact of $2.2 million, or $.03 per diluted share, resulting from the net tax benefit recorded in connection with ASU 2016-09. Included in our reported results during the first nine months of 2025 were the following: (i) an unrealized after-tax gain of $11.3 million, or $.17 per diluted share ($14.7 million pre-tax), resulting from an increase in the market value of certain equity securities that were sold during the fourth quarter of 2025, and; (ii) a favorable net after-tax impact of $1.9 million, or $.03 per diluted share, resulting from the net tax benefit recorded in connection with ASU 2016-09.

As calculated on the attached Supplemental Schedule, our EBITDA net of NCI, was $1.972 billion during the first nine months of 2026, as compared to $1.939 billion during the comparable period of 2025. Our Adjusted EBITDA net of NCI, which excludes the impact of other (income) expense, net, was $1.951 billion during the first nine months of 2026, as compared to $1.912 billion during the comparable period of 2025.

Acute Care Services – Three and nine-month periods ended September 30, 2026 and 2025:

During the third quarter of 2026, at our acute care hospitals owned during both periods (“same facility basis”), adjusted admissions (adjusted for outpatient activity) and adjusted patient days each increased by 4.9%, as compared to the third quarter of 2025. At these facilities, during the third quarter of 2026, net revenue per adjusted admission and net revenue per adjusted patient day each decreased by 1.7%, as compared to the third quarter of 2025. Net revenues generated from our acute care services, on a same facility basis, increased by 4.7% during the third quarter of 2026, as compared to the third quarter of 2025.

During the first nine months of 2026, on a same facility basis, adjusted admissions increased by 2.6% and adjusted patient days increased by 2.9%, as compared to the comparable period of 2025. At these facilities, during the first nine months of 2026, net revenue per adjusted admission increased by 2.4% while net revenue per adjusted patient day increased by 2.1%, as compared to the comparable period of 2025. Net revenues generated from our acute care services, on a same facility basis, increased by 7.0% during the first nine months of 2026, as compared to the comparable period of 2025.

Behavioral Health Care Services – Three and nine-month periods ended September 30, 2026 and 2025:

During the third quarter of 2026, at our behavioral health care facilities on a same facility basis, adjusted admissions increased by 2.5% while adjusted patient days increased by 2.1%, as compared to the third quarter of 2025. At these facilities, during the third quarter of 2026, net revenue per adjusted admission increased by 1.7% and net revenue per adjusted patient day increased by 2.1%, as compared to the third quarter of 2025. Net revenues generated from our behavioral health care services, on a same facility basis, increased by 4.0% during the third quarter of 2026, as compared to the third quarter of 2025.

During the first nine months of 2026, at our behavioral health care facilities on a same facility basis, adjusted admissions increased by 1.4% while adjusted patient days increased by 1.7%, as compared to the comparable period of 2025. At these facilities, during the first nine months of 2026, net revenue per adjusted admission increased by 4.9% and net revenue per adjusted patient day increased by 4.7%, as compared to the comparable period of 2025. Net revenues generated from our behavioral health care services, on a same facility basis, increased by 6.2% during the first nine months of 2026, as compared to the comparable period of 2025.

Net Cash Provided by Operating Activities and Capital Resources:

Net Cash Provided by Operating Activities:

During the nine-month period ended September 30, 2026, our net cash provided by operating activities increased by 14.9% to $1.481 billion as compared to $1.290 billion during the first nine months of 2025.

The $192 million net increase in our net cash provided by operating activities consisted of: (i) an unfavorable change of $179 million in other working capital accounts due primarily to the timing of accrued expenses and accounts payable disbursements; (ii) a favorable change of $178 million in accounts receivable; (iii) a favorable change of $90 million in accrued insurance expense, net of payments made in settlement of self-insured claims; (iv) a favorable change of $77 million in accrued and deferred income taxes, and; (v) $26 million of other combined net favorable changes.

Capital Resources:

As of September 30, 2026, pursuant to the terms of our $1.5 billion revolving credit facility, we had $1.187 billion of available borrowing capacity, net of outstanding borrowings ($310 million) and letters of credit ($3 million).

Stock Repurchase Program:

In connection with our stock repurchase program, shares of our Class B Common Stock may be repurchased, from time to time as conditions allow, on the open market or in negotiated private transactions.

Pursuant to this program, during the third quarter of 2026, we have repurchased 1.35 million shares at an aggregate cost of approximately $242.1 million (average price of approximately $179 per share). During the first nine months of 2026, we have repurchased 3.915 million shares at an aggregate cost of approximately $689.6 million (average price of approximately $176 per share).

As of September 30, 2026, we had an aggregate available repurchase authorization of approximately $735.4 million pursuant to our stock repurchase program.

Conference call information:

We will hold a conference call for investors and analysts at 8:00 a.m. eastern time on October 28, 2026. A live webcast of the call will be available on our website at www.uhs.com. To participate via telephone, please register in advance at this link. Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique passcode and registrant ID that can be used to access the call. Supplemental financial disclosures related to our financial results are available on our website.

Legal Proceedings Update:

The disclosure below provides an update for recent developments related to the matter referenced which has been previously disclosed in various Forms 10-Q and 10-K, as filed with the Securities and Exchange Commission, most recently our Form 10-Q for the quarterly period ended June 30, 2026.

K.E.E., et al., Plaintiffs v. Cumberland Hospital, LLC d/b/a Cumberland Hospital for Children and Adolescents, et al. (and related lawsuits)

Cumberland Hospital for Children and Adolescents (“Cumberland”), an indirect subsidiary of Universal Health Services, Inc. (the “Company”) and UHS of Delaware, Inc. (“UHS Delaware”), our administrative services company, are defendants in multi-plaintiff lawsuits filed in the Circuit Court for Richmond, Virginia (the “Cumberland Litigation”). The lawsuits relate to allegations of, among other things, inappropriate sexual contact during medical examinations by Dr. Daniel Davidow, an independent contractor and the former medical director for Cumberland.

The claims asserted by three of the plaintiffs in the Cumberland Litigation were consolidated for trial in September 2024. There are approximately 53 additional claimants making similar allegations with claims pending in the Cumberland Litigation. The Company and UHS Delaware were dismissed from the September 2024 trial on the first three plaintiffs’ claims. In late September 2024, a jury entered a verdict finding Dr. Davidow and Cumberland liable and awarded these three plaintiffs combined compensatory damages of $60

million for all liability theories, an additional combined $180 million in trebled damages for violation of the Virginia Consumer Protection Act, and an additional combined $120 million in punitive damages. Based upon Virginia law, the Court reduced the punitive damage amount to a combined maximum of $1.05 million ($350,000 per plaintiff).

In August 2026, we reached a tentative settlement agreement, which is subject to execution of final release agreements and certain court approvals (as necessary), to resolve all of the outstanding claims related to the current claimants in the Cumberland Litigation. Pursuant to the tentative settlement agreement, the terms of the aggregate settlement are confidential. We believe a substantial portion of the tentative aggregate settlement amount, and related expenses, is covered by our commercial excess insurance and the remainder is covered by our reserves recorded in connection with the Cumberland Litigation.

General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures:

Headquartered in King of Prussia, PA, UHS is one of the nation’s largest and most respected providers of hospital and healthcare services, with annual revenues of approximately $17.4 billion during 2025. Through its subsidiaries, UHS employs more than 102,000 employees and, as of September 30, 2026, operated 30 inpatient acute care facilities, 388 inpatient behavioral health facilities, 169 outpatient and other facilities, nationwide virtual behavioral health services, an insurance offering, a physician network and various related services with physical locations in 40 states, Washington, D.C., Puerto Rico, Ireland and the United Kingdom. Since our founding in 1979, UHS has grown steadily into a premier Fortune 500® corporation perennially recognized by multiple esteemed national rating entities. Our strategy includes investing in talented staff, facilities, technology and innovation across broad care continuums to deliver favorable patient outcomes and contribute to the overall health and wellbeing of the patients we are privileged to serve. A wholly-owned subsidiary of UHS also acts as the advisor to Universal Health Realty Income Trust, a real estate investment trust (NYSE: UHT). For additional information, please visit www.uhs.com.

This press release contains forward-looking statements based on current management expectations. Numerous factors, including those disclosed herein, those related to healthcare industry trends and those detailed in our filings with the Securities and Exchange Commission (as set forth in Item 2-Forward Looking Statements and Risk Factors in our Form 10-Q for the quarter ended June 30, 2026 and in Item 1A-Risk Factors, and Item 7-Forward-Looking Statements and Risk Factors, in our Form 10-K for the year ended December 31, 2025), may cause the results to differ materially from those anticipated in the forward-looking statements. These statements are subject to risks and uncertainties and therefore actual results may differ materially. Readers should not place undue reliance on such forward-looking statements which reflect management’s view only as of the date hereof. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

Many of the factors that could affect our future results are beyond our control or ability to predict, including, but not limited to:

•A significant portion of our revenues are derived from federal and state government programs including the Medicare and Medicaid programs. Payments from these programs are subject to statutory and regulatory changes, administrative rulings, interpretations and determinations, requirements for utilization review, and federal and state funding restrictions. Changes to these programs could materially affect program payments which could materially impact our results of operations. In addition, we receive substantial reimbursement from multiple states in connection with various supplemental Medicaid payment programs. Failure to renew these programs beyond their scheduled termination dates, failure of the public hospitals to provide the necessary Inter-Governmental Transfers for the states’ share of the Medicaid disproportionate share hospital programs, and the failure of our hospitals that currently receive supplemental Medicaid revenues to qualify for future funds under these programs could cause our actual results of operations for the year ended December 31, 2026 to differ materially from our 2026 operating results forecast.

•Legislation adopted on July 4, 2025, attaches work and community service requirements to eligibility for Medicaid benefits that will have the effect of limiting Medicaid enrollment and expenditures. That legislation also places limits on provider fees used to increase federal Medicaid funding to states and

eliminated certain exchange premium tax credits beyond 2025. As these provisions become effective over the next several years, they may be expected to reduce our revenues and likely increase the level of uncompensated care provided by our facilities.

•The increase in interest rates during the past few years has increased our interest expense significantly thereby reducing our free cash flow. As such, the effects of increased borrowing rates have adversely impacted our results of operations, financial condition and cash flows. We cannot predict future changes to interest rates, however, significant increases in our borrowing rates could have a material unfavorable impact on our future results of operations and our ability to access the capital markets on favorable terms.

•Changes in laws or policies governing the terms of foreign trade, and in particular, increased trade restrictions, tariffs or taxes on imports from where our products or materials are made (either directly or through our suppliers) could have an impact on our competitive position, business operations and financial results.

•The outcome of known and unknown litigation, liabilities and other claims asserted against us and/or our subsidiaries.

•The ability to successfully integrate and realize the benefits and synergies from our acquisition of Talkspace, Inc. which was completed in August 2026.

We believe that adjusted net income attributable to UHS, adjusted net income attributable to UHS per diluted share, EBITDA net of NCI and Adjusted EBITDA net of NCI, which are non-GAAP financial measures (“GAAP” is Generally Accepted Accounting Principles in the United States of America), are helpful to our investors as measures of our operating performance. In addition, we believe that, when applicable, comparing and discussing our financial results based on these measures, as calculated, is helpful to our investors since it may neutralize the effect of material items impacting our net income attributable to UHS, such as, changes in the value of certain non-marketable securities (in connection with our minority ownership in a healthcare generative artificial intelligence company), the impact of ASU 2016-09, and other potential material items that are nonrecurring or non-operational in nature including, but not limited to, impairments of goodwill, long-lived and intangible assets, reserves for various matters including settlements, legal judgments and lawsuits, costs related to extinguishment of debt, gains/losses on sales of assets and businesses, potential impacts of non-ordinary acquisitions, divestitures, joint ventures or other strategic transactions, and other amounts that may be reflected in the current or prior year financial statements that relate to prior periods. To obtain a complete understanding of our financial performance these measures should be examined in connection with net income attributable to UHS, as determined in accordance with GAAP, and as presented in the condensed consolidated financial statements and notes thereto in this report or in our filings with the Securities and Exchange Commission including our Report on Form 10-Q for the quarter ended June 30, 2026 and our Report on Form 10-K for the year ended December 31, 2025. Since the items that may be included or excluded from these measures are significant components in understanding and assessing financial performance under GAAP, these measures should not be considered to be alternatives to net income as a measure of our operating performance or profitability. Since these measures, as presented, are not determined in accordance with GAAP and are thus susceptible to varying calculations, they may not be comparable to other similarly titled measures of other companies. Investors are encouraged to use GAAP measures when evaluating our financial performance.

(more)

Universal Health Services, Inc.
Consolidated Statements of Income
(in thousands, except per share amounts)
(unaudited)
		Three months								Nine months
		ended September 30,								ended September 30,
		2026				2025				2026				2025
Net revenues		$	4,733,352			$	4,495,245			$	13,866,546			$	12,878,781
Operating charges:
Salaries, wages and benefits			2,210,461				2,071,898				6,438,999				6,037,953
Other operating expenses			1,425,781				1,294,721				4,061,667				3,563,039
Supplies expense			426,500				414,583				1,276,300				1,236,249
Depreciation and amortization			174,845				155,060				497,609				455,409
Lease and rental expense			41,316				37,295				117,987				109,348
			4,278,903				3,973,557				12,392,562				11,401,998
Income from operations			454,449				521,688				1,473,984				1,476,783
Interest expense, net			56,277				38,431				133,322				113,851
Other (income) expense, net			(15,738	)			(13,629	)			(21,490	)			(27,767	)
Income before income taxes			413,910				496,886				1,362,152				1,390,699
Provision for income taxes			100,577				117,781				325,551				327,354
Net income			313,333				379,105				1,036,601				1,063,345
Less: Net income (loss) attributable to noncontrolling interests ("NCI")			4,649				6,148				20,788				20,490
Net income attributable to UHS		$	308,684			$	372,957			$	1,015,813			$	1,042,855
Basic earnings per share attributable to UHS (a)		$	5.25			$	5.92			$	16.98			$	16.27
Diluted earnings per share attributable to UHS (a)		$	5.22			$	5.86			$	16.86			$	16.07

Universal Health Services, Inc.
Footnotes to Consolidated Statements of Income
(in thousands, except per share amounts)
(unaudited)
		Three months								Nine months
		ended September 30,								ended September 30,
		2026				2025				2026				2025
(a) Earnings per share calculation:
Basic and diluted:
Net income attributable to UHS - basic and diluted		$	308,684			$	372,957			$	1,015,813			$	1,042,855
Weighted average number of common shares - basic			58,795				62,974				59,841				64,100
Basic earnings per share attributable to UHS:		$	5.25			$	5.92			$	16.98			$	16.27
Weighted average number of common shares			58,795				62,974				59,841				64,100
Add: Other share equivalents			350				689				400				797
Weighted average number of common shares and equiv. - diluted			59,145				63,663				60,241				64,897
Diluted earnings per share attributable to UHS:		$	5.22			$	5.86			$	16.86			$	16.07

Universal Health Services, Inc.
Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule")
For the Three Months ended September 30, 2026 and 2025
(in thousands, except per share amounts)
(unaudited)
Calculation of Earnings/Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA/Adjusted EBITDA net of NCI")
	Three months ended				% Net				Three months ended				% Net
	September 30, 2026				revenues				September 30, 2025				revenues
Net income attributable to UHS	$	308,684							$	372,957
Depreciation and amortization		174,845								155,060
Interest expense, net		56,277								38,431
Provision for income taxes		100,577								117,781
EBITDA net of NCI	$	640,383				13.5	%		$	684,229				15.2	%
Other (income) expense, net		(15,738	)							(13,629	)
Adjusted EBITDA net of NCI	$	624,645				13.2	%		$	670,600				14.9	%
Net revenues	$	4,733,352							$	4,495,245
Calculation of Adjusted Net Income Attributable to UHS
	Three months ended								Three months ended
	September 30, 2026								September 30, 2025
					Per								Per
	Amount				Diluted Share				Amount				Diluted Share
Net income attributable to UHS	$	308,684			$	5.22			$	372,957			$	5.86
Plus/minus after-tax adjustments:
Unrealized gain on equity securities		-				-				(10,043	)			(0.16	)
Impact of ASU 2016-09, net		-				-				(623	)			(0.01	)
Subtotal adjustments		-				-				(10,666	)			(0.17	)
Adjusted net income attributable to UHS	$	308,684			$	5.22			$	362,291			$	5.69

Universal Health Services, Inc.
Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule")
For the Nine Months ended September 30, 2026 and 2025
(in thousands, except per share amounts)
(unaudited)
Calculation of Earnings/Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA/Adjusted EBITDA net of NCI")
	Nine months ended				% Net				Nine months ended				% Net
	September 30, 2026				revenues				September 30, 2025				revenues
Net income attributable to UHS	$	1,015,813							$	1,042,855
Depreciation and amortization		497,609								455,409
Interest expense, net		133,322								113,851
Provision for income taxes		325,551								327,354
EBITDA net of NCI	$	1,972,295				14.2	%		$	1,939,469				15.1	%
Other (income) expense, net		(21,490	)							(27,767	)
Adjusted EBITDA net of NCI	$	1,950,805				14.1	%		$	1,911,702				14.8	%
Net revenues	$	13,866,546							$	12,878,781
Calculation of Adjusted Net Income Attributable to UHS
	Nine months ended								Nine months ended
	September 30, 2026								September 30, 2025
					Per								Per
	Amount				Diluted Share				Amount				Diluted Share
Net income attributable to UHS	$	1,015,813			$	16.86			$	1,042,855			$	16.07
Plus/minus after-tax adjustments:
Unrealized gain on equity securities		-				-				(11,292	)			(0.17	)
Impact of ASU 2016-09, net		(2,164	)			(0.03	)			(1,880	)			(0.03	)
Subtotal adjustments	$	(2,164	)			(0.03	)		$	(13,172	)			(0.20	)
Adjusted net income attributable to UHS	$	1,013,649			$	16.83			$	1,029,683			$	15.87

Universal Health Services, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
		September 30,				December 31,
		2026				2025
Assets
Current assets:
Cash and cash equivalents		$	168,749			$	137,797
Accounts receivable, net			2,813,703				2,602,434
Supplies			235,557				232,110
Other current assets			462,155				435,574
Total current assets			3,680,164				3,407,915
Property and equipment			14,051,199				13,489,811
Less: accumulated depreciation			(6,833,095	)			(6,481,714	)
			7,218,104				7,008,097
Other assets:
Goodwill			4,736,949				3,990,213
Deferred income taxes			95,986				70,517
Right of use assets-operating leases			421,597				374,239
Deferred charges			9,220				9,272
Other			1,023,746				667,340
Total Assets		$	17,185,766			$	15,527,593
Liabilities and Stockholders' Equity
Current liabilities:
Current maturities of long-term debt		$	79,813			$	748,158
Accounts payable and other liabilities			2,521,448				2,416,276
Operating lease liabilities			79,824				73,237
Federal and state taxes			6,271				1,930
Total current liabilities			2,687,356				3,239,601
Other noncurrent liabilities			736,430				527,827
Operating lease liabilities noncurrent			389,154				340,715
Deferred income taxes			3,232				5,649
Long-term debt			5,627,528				4,004,393
Redeemable noncontrolling interest			74,213				70,620
UHS common stockholders' equity			7,596,849				7,275,792
Noncontrolling interest			71,004				62,996
Total equity			7,667,853				7,338,788
Total Liabilities and Stockholders' Equity		$	17,185,766			$	15,527,593

Universal Health Services, Inc.
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
	Nine months
	ended September 30,
	2026				2025
Cash Flows from Operating Activities:
Net income	$	1,036,601			$	1,063,345
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation & amortization		497,609				455,409
Stock-based compensation expense		71,777				70,586
(Gain) loss on sales of assets and businesses		(6,315	)			2,833
Changes in assets & liabilities, net of effects from acquisitions and dispositions:
Accounts receivable		(116,437	)			(294,210	)
Accrued interest		18,841				7,052
Accrued and deferred income taxes		37,744				(39,287	)
Other working capital accounts		(158,676	)			20,415
Other assets and deferred charges		(11,309	)			(29,629	)
Other, net		7,792				19,114
Accrued insurance expense, net of commercial premiums paid		256,664				177,054
Payments made in settlement of self-insurance claims, net of commercial insurance reimbursements		(152,804	)			(162,978	)
Net cash provided by operating activities		1,481,487				1,289,704
Cash Flows from Investing Activities:
Property and equipment additions		(659,732	)			(733,932	)
Proceeds received from sales of assets and businesses		17,884				2,980
Acquisition of businesses and property		(1,002,852	)			(47,772	)
Inflows (outflows) from foreign exchange hedge contracts		16,217				(49,351	)
Costs incurred for purchase and development of enterprise resource planning application		(15,535	)			(18,676	)
Decrease in capital reserves of commercial insurance subsidiary		85				100
Net cash used in investing activities		(1,643,933	)			(846,651	)
Cash Flows from Financing Activities:
Repayments of long-term debt		(828,487	)			(27,791	)
Additional borrowings		1,800,040				208,986
Financing costs		(15,261	)			(382	)
Repurchase of common shares		(729,863	)			(615,941	)
Dividends paid		(36,552	)			(38,902	)
Issuance of common stock		12,936				12,119
Profit distributions to noncontrolling interests		(13,333	)			(10,409	)
Purchase of ownership interests by minority members, net		4,865				18,728
Net cash provided by (used in) financing activities		194,345				(453,592	)
Effect of exchange rate changes on cash and cash equivalents		(639	)			2,390
Increase in cash, cash equivalents and restricted cash		31,260				(8,149	)
Cash, cash equivalents and restricted cash, beginning of period		271,322				224,752
Cash, cash equivalents and restricted cash, end of period	$	302,582			$	216,603
Supplemental Disclosures of Cash Flow Information:
Interest paid	$	110,379			$	103,050
Income taxes paid, net of refunds	$	290,239			$	355,968
Noncash purchases of property and equipment	$	78,068			$	146,650

Universal Health Services, Inc.
Supplemental Statistical Information
(unaudited)
					% Change		% Change
Same Facility:					Three Months ended		Nine Months Ended
					9/30/2026		9/30/2026
Acute Care Services (1)
Revenues					4.7%		7.0%
Adjusted Admissions					4.9%		2.6%
Adjusted Patient Days					4.9%		2.9%
Revenue Per Adjusted Admission					-1.7%		2.4%
Revenue Per Adjusted Patient Day					-1.7%		2.1%
Behavioral Health Care Services (1)
Revenues					4.0%		6.2%
Adjusted Admissions					2.5%		1.4%
Adjusted Patient Days					2.1%		1.7%
Revenue Per Adjusted Admission					1.7%		4.9%
Revenue Per Adjusted Patient Day					2.1%		4.7%
UHS Consolidated	Third Quarter ended				Nine Months Ended
	9/30/2026		9/30/2025		9/30/2026		9/30/2025
Revenues	$4,733,352		$4,495,245		$13,866,546		$12,878,781
EBITDA net of NCI	$640,383		$684,229		$1,972,295		$1,939,469
EBITDA Margin net of NCI	13.5%		15.2%		14.2%		15.1%
Adjusted EBITDA net of NCI	$624,645		$670,600		$1,950,805		$1,911,702
Adjusted EBITDA Margin net of NCI	13.2%		14.9%		14.1%		14.8%
Cash Flow From Operations	$636,556		$380,678		$1,481,487		$1,289,704
Capital Expenditures	$214,942		$228,892		$659,732		$733,932
Days Sales Outstanding					55		55
Debt					$5,707,341		$4,691,120
UHS' Shareholders Equity					$7,596,849		$7,169,693
Debt / Total Capitalization					42.9%		39.6%
Debt / EBITDA net of NCI (2)					2.07		1.83
Debt / Adjusted EBITDA net of NCI (2)					2.17		1.86
Debt / Cash From Operations (2)					2.78		2.41
(1) Prior year amounts related to certain facilities previously included in our Behavioral Health Care Services’ results have been reclassified into our Acute Care Hospital Services' results as of January 1, 2025 to conform with current year presentation.
(2) Latest 4 quarters.

Universal Health Services, Inc.

Acute Care Hospital Services

For the Three and Nine Months ended

September 30, 2026 and 2025

(in thousands)

(unaudited)

Same Facility Basis - Acute Care Hospital Services
		Three months ended								Three months ended								Nine months ended								Nine months ended
		September 30, 2026								September 30, 2025								September 30, 2026								September 30, 2025
		Amount				% of Net Revenues				Amount				% of Net Revenues				Amount				% of Net Revenues				Amount				% of Net Revenues
Net revenues		$	2,610,702				100.0	%		$	2,492,536				100.0	%		$	7,588,636				100.0	%		$	7,093,193				100.0	%
Operating charges:
Salaries, wages and benefits			1,044,653				40.0	%			973,522				39.1	%			2,989,221				39.4	%			2,825,945				39.8	%
Other operating expenses			776,378				29.7	%			722,724				29.0	%			2,283,559				30.1	%			2,033,495				28.7	%
Supplies expense			363,780				13.9	%			354,698				14.2	%			1,091,408				14.4	%			1,064,615				15.0	%
Depreciation and amortization			103,340				4.0	%			97,388				3.9	%			302,133				4.0	%			288,747				4.1	%
Lease and rental expense			28,533				1.1	%			25,543				1.0	%			81,230				1.1	%			75,127				1.1	%
Subtotal-operating expenses			2,316,684				88.7	%			2,173,875				87.2	%			6,747,551				88.9	%			6,287,929				88.6	%
Income from operations			294,018				11.3	%			318,661				12.8	%			841,085				11.1	%			805,264				11.4	%
Interest expense, net			1,302				0.0	%			528				0.0	%			3,589				0.0	%			1,177				0.0	%
Other (income) expense, net			(9,338	)			(0.4	)%			(678	)			(0.0	)%			(13,082	)			(0.2	)%			(10,261	)			(0.1	)%
Income before income taxes		$	302,054				11.6	%		$	318,811				12.8	%		$	850,578				11.2	%		$	814,348				11.5	%
All Acute Care Hospital Services
		Three months ended								Three months ended								Nine months ended								Nine months ended
		September 30, 2026								September 30, 2025								September 30, 2026								September 30, 2025
		Amount				% of Net Revenues				Amount				% of Net Revenues				Amount				% of Net Revenues				Amount				% of Net Revenues
Net revenues		$	2,764,072				100.0	%		$	2,630,065				100.0	%		$	7,984,207				100.0	%		$	7,391,716				100.0	%
Operating charges:
Salaries, wages and benefits			1,054,866				38.2	%			973,680				37.0	%			3,027,576				37.9	%			2,827,912				38.3	%
Other operating expenses			930,909				33.7	%			878,746				33.4	%			2,676,638				33.5	%			2,352,957				31.8	%
Supplies expense			365,597				13.2	%			354,697				13.5	%			1,097,029				13.7	%			1,064,486				14.4	%
Depreciation and amortization			108,924				3.9	%			97,389				3.7	%			311,865				3.9	%			288,751				3.9	%
Lease and rental expense			28,675				1.0	%			25,543				1.0	%			81,417				1.0	%			75,127				1.0	%
Subtotal-operating expenses			2,488,971				90.0	%			2,330,055				88.6	%			7,194,525				90.1	%			6,609,233				89.4	%
Income from operations			275,101				10.0	%			300,010				11.4	%			789,682				9.9	%			782,483				10.6	%
Interest expense, net			1,302				0.0	%			528				0.0	%			3,589				0.0	%			1,177				0.0	%
Other (income) expense, net			(9,329	)			(0.3	)%			(623	)			(0.0	)%			(12,446	)			(0.2	)%			(9,806	)			(0.1	)%
Income before income taxes		$	283,128				10.2	%		$	300,105				11.4	%		$	798,539				10.0	%		$	791,112				10.7	%

We believe that providing our results on a “Same Facility” basis (which is a non-GAAP measure), which includes the operating results for facilities and businesses operated in both the current year and prior year periods, is helpful to our investors as a measure of our operating performance. Our Same Facility results also neutralize (if applicable), the effect of material items that are nonrecurring or non-operational in nature including items such as, but not limited to, reserves for various matters, settlements, legal judgments and lawsuits, cost related to extinguishment of debt, gains/losses on sales of assets and businesses, impairments of goodwill, long-lived and intangible assets and other amounts that may be reflected in the current or prior year financial statements that relate to prior periods. Our Same Facility basis results exclude from net revenues and other operating expenses, provider tax assessments incurred in each period. However, these provider tax assessments are included in net revenues and other operating expenses as reflected in the table under All Acute Care Hospital Services. The provider tax assessments had no impact on the income before income taxes as reflected on the above tables since the amounts offset between net revenues and other operating expenses. To obtain a complete understanding of our financial performance, the Same Facility results should be examined in connection with our net income as determined in accordance with GAAP and as presented herein and the condensed consolidated financial statements and notes thereto as contained in our Form 10-K for the year ended December 31, 2025 and our Form 10-Q for the quarter ended June 30, 2026.

Prior year amounts related to certain facilities previously included in our Behavioral Health Care Services’ results have been reclassified into our Acute Care Hospital Services' results as of January 1, 2025 to conform with current year presentation.

The All Acute Care Hospital Services table summarizes the results of operations for all our acute care operations during the periods presented. These amounts include: (i) our acute care results on a same facility basis, as indicated above; (ii) the impact of provider tax assessments which increased net revenues and other operating expenses but had no impact on income before income taxes, and; (iii) certain other amounts including the results of facilities acquired or opened during the last twelve months.

Universal Health Services, Inc.

Behavioral Health Care Services

For the Three and Nine Months ended

September 30, 2026 and 2025

(in thousands)

(unaudited)

Same Facility - Behavioral Health Care Services
		Three months ended								Three months ended								Nine months ended								Nine months ended
		September 30, 2026								September 30, 2025								September 30, 2026								September 30, 2025
		Amount				% of Net Revenues				Amount				% of Net Revenues				Amount				% of Net Revenues				Amount				% of Net Revenues
Net revenues		$	1,857,445				100.0	%		$	1,786,231				100.0	%		$	5,605,292				100.0	%		$	5,276,686				100.0	%
Operating charges:
Salaries, wages and benefits			1,032,001				55.6	%			975,934				54.6	%			3,044,335				54.3	%			2,854,754				54.1	%
Other operating expenses			361,742				19.5	%			342,491				19.2	%			1,051,744				18.8	%			987,686				18.7	%
Supplies expense			60,459				3.3	%			58,016				3.2	%			176,804				3.2	%			169,968				3.2	%
Depreciation and amortization			58,984				3.2	%			53,787				3.0	%			170,904				3.0	%			156,539				3.0	%
Lease and rental expense			12,271				0.7	%			11,167				0.6	%			35,630				0.6	%			32,457				0.6	%
Subtotal-operating expenses			1,525,457				82.1	%			1,441,395				80.7	%			4,479,417				79.9	%			4,201,404				79.6	%
Income from operations			331,988				17.9	%			344,836				19.3	%			1,125,875				20.1	%			1,075,282				20.4	%
Interest expense, net			1,009				0.1	%			1,244				0.1	%			3,369				0.1	%			3,423				0.1	%
Other (income) expense, net			(5,909	)			(0.3	)%			733				0.0	%			(7,775	)			(0.1	)%			(929	)			(0.0	)%
Income before income taxes		$	336,888				18.1	%		$	342,859				19.2	%		$	1,130,281				20.2	%		$	1,072,788				20.3	%
All Behavioral Health Care Services
		Three months ended								Three months ended								Nine months ended								Nine months ended
		September 30, 2026								September 30, 2025								September 30, 2026								September 30, 2025
		Amount				% of Net Revenues				Amount				% of Net Revenues				Amount				% of Net Revenues				Amount				% of Net Revenues
Net revenues		$	1,966,427				100.0	%		$	1,860,259				100.0	%		$	5,873,644				100.0	%		$	5,476,596				100.0	%
Operating charges:
Salaries, wages and benefits			1,057,054				53.8	%			995,570				53.5	%			3,098,752				52.8	%			2,894,489				52.9	%
Other operating expenses			460,853				23.4	%			390,783				21.0	%			1,296,503				22.1	%			1,136,457				20.8	%
Supplies expense			61,022				3.1	%			59,696				3.2	%			178,284				3.0	%			173,133				3.2	%
Depreciation and amortization			63,522				3.2	%			55,294				3.0	%			179,051				3.0	%			159,616				2.9	%
Lease and rental expense			12,568				0.6	%			11,652				0.6	%			36,295				0.6	%			33,979				0.6	%
Subtotal-operating expenses			1,655,019				84.2	%			1,512,995				81.3	%			4,788,885				81.5	%			4,397,674				80.3	%
Income from operations			311,408				15.8	%			347,264				18.7	%			1,084,759				18.5	%			1,078,922				19.7	%
Interest expense, net			1,214				0.1	%			1,265				0.1	%			3,759				0.1	%			3,444				0.1	%
Other (income) expense, net			(5,909	)			(0.3	)%			733				0.0	%			(7,775	)			(0.1	)%			(929	)			(0.0	)%
Income before income taxes		$	316,103				16.1	%		$	345,266				18.6	%		$	1,088,775				18.5	%		$	1,076,407				19.7	%

We believe that providing our results on a “Same Facility” basis (which is a non-GAAP measure), which includes the operating results for facilities and businesses operated in both the current year and prior year periods, is helpful to our investors as a measure of our operating performance. Our Same Facility results also neutralize (if applicable), the effect of material items that are nonrecurring or non-operational in nature including items such as, but not limited to, reserves for various matters, settlements, legal judgments and lawsuits, cost related to extinguishment of debt, gains/losses on sales of assets and businesses, impairments of goodwill, long-lived and intangible assets and other amounts that may be reflected in the current or prior year financial statements that relate to prior periods. Our Same Facility basis results exclude from net revenues and other operating expenses, provider tax assessments incurred in each period. However, these provider tax assessments are included in net revenues and other operating expenses as reflected in the table under All Behavioral Health Care Services. The provider tax assessments had no impact on the income before income taxes as reflected on the above tables since the amounts offset between net revenues and other operating expenses. To obtain a complete understanding of our financial performance, the Same Facility results should be examined in connection with our net income as determined in accordance with GAAP and as presented herein and the condensed consolidated financial statements and notes thereto as contained in our Form 10-K for the year ended December 31, 2025 and or Form 10-Q for the quarter ended June 30, 2026.

Prior year amounts related to certain facilities previously included in our Behavioral Health Care Services’ results have been reclassified into our Acute Care Hospital Services' results as of January 1, 2025 to conform with current year presentation.

The All Behavioral Health Care Services table summarizes the results of operations for all our behavioral health care facilities during the periods presented. These amounts include: (i) our behavioral health results on a same facility basis, as indicated above; (ii) the impact of provider tax assessments which increased net revenues and other operating expenses but had no impact on income before income taxes, and; (iii) certain other amounts including the results of facilities acquired/divested or opened/closed or had changes in governmental certifications/licensure status during the last twelve months.

Universal Health Services, Inc.
Selected Hospital Statistics
For the Three Months ended
September 30, 2026 and 2025
(unaudited)
AS REPORTED:
		ACUTE												BEHAVIORAL HEALTH
		09/30/26				09/30/25				% change				09/30/26				09/30/25				% change
Hospitals owned and leased			30				29				3.4	%			388				345				12.5	%
Average licensed beds			7,519				7,161				5.0	%			24,715				24,398				1.3	%
Average available beds			7,347				6,989				5.1	%			24,615				24,298				1.3	%
Patient days			429,842				412,353				4.2	%			1,654,546				1,639,882				0.9	%
Average daily census			4,672.2				4,482.1				4.2	%			17,984.2				17,824.8				0.9	%
Occupancy-licensed beds			62.1	%			62.6	%			-0.7	%			72.8	%			73.1	%			-0.4	%
Occupancy-available beds			63.6	%			64.1	%			-0.8	%			73.1	%			73.4	%			-0.4	%
Admissions			90,722				86,984				4.3	%			121,428				120,655				0.6	%
Length of stay			4.7				4.7				-0.1	%			13.6				13.6				0.3	%
Inpatient revenue		$	15,763,396			$	13,935,095				13.1	%		$	3,356,016			$	3,063,186				9.6	%
Outpatient revenue			11,370,036				9,827,354				15.7	%			344,838				282,966				21.9	%
Total patient revenue			27,133,432				23,762,449				14.2	%			3,700,854				3,346,152				10.6	%
Other revenue			378,328				315,779				19.8	%			105,977				99,370				6.6	%
Gross revenue			27,511,760				24,078,228				14.3	%			3,806,831				3,445,522				10.5	%
Total deductions			24,747,688				21,448,163				15.4	%			1,840,404				1,585,263				16.1	%
Net revenue		$	2,764,072			$	2,630,065				5.1	%		$	1,966,427			$	1,860,259				5.7	%
SAME FACILITY:
		ACUTE												BEHAVIORAL HEALTH
		09/30/26				09/30/25				% change				09/30/26				09/30/25				% change
Hospitals owned and leased			29				29				0.0	%			341				341				0.0	%
Average licensed beds			7,363				7,161				2.8	%			23,706				23,635				0.3	%
Average available beds			7,191				6,989				2.9	%			23,606				23,535				0.3	%
Patient days			428,858				412,353				4.0	%			1,623,726				1,589,558				2.1	%
Average daily census			4,661.5				4,482.1				4.0	%			17,649.2				17,277.8				2.1	%
Occupancy-licensed beds			63.3	%			62.6	%			1.1	%			74.5	%			73.1	%			1.8	%
Occupancy-available beds			64.8	%			64.1	%			1.1	%			74.8	%			73.4	%			1.8	%
Admissions			90,414				86,984				3.9	%			120,168				117,107				2.6	%
Length of stay			4.7				4.7				0.1	%			13.5				13.6				-0.5	%
Prior year amounts related to certain facilities previously included in our Behavioral Health Care Services’ results have been reclassified into our Acute Care Hospital Services' results as of January 1, 2025 to conform with current year presentation.

Universal Health Services, Inc.
Selected Hospital Statistics
For the Nine Months Ended
September 30, 2026 and 2025
(unaudited)
AS REPORTED:
		ACUTE												BEHAVIORAL HEALTH
		09/30/26				09/30/25				% change				09/30/26				09/30/25				% change
Hospitals owned and leased			30				29				3.4	%			388				345				12.5	%
Average licensed beds			7,373				7,105				3.8	%			24,624				24,246				1.6	%
Average available beds			7,201				6,933				3.9	%			24,524				24,146				1.6	%
Patient days			1,280,916				1,254,271				2.1	%			4,905,510				4,849,272				1.2	%
Average daily census			4,692.0				4,594.4				2.1	%			17,968.9				17,762.9				1.2	%
Occupancy-licensed beds			63.6	%			64.7	%			-1.6	%			73.0	%			73.3	%			-0.4	%
Occupancy-available beds			65.2	%			66.3	%			-1.7	%			73.3	%			73.6	%			-0.4	%
Admissions			267,260				262,352				1.9	%			355,776				355,524				0.1	%
Length of stay			4.8				4.8				0.2	%			13.8				13.6				1.1	%
Inpatient revenue		$	47,313,330			$	42,140,253				12.3	%		$	9,924,833			$	8,901,308				11.5	%
Outpatient revenue			33,377,475				28,793,716				15.9	%			983,819				851,989				15.5	%
Total patient revenue			80,690,805				70,933,969				13.8	%			10,908,652				9,753,297				11.8	%
Other revenue			1,069,466				881,912				21.3	%			298,188				281,291				6.0	%
Gross revenue			81,760,271				71,815,881				13.8	%			11,206,840				10,034,588				11.7	%
Total deductions			73,776,064				64,424,165				14.5	%			5,333,196				4,557,992				17.0	%
Net revenue		$	7,984,207			$	7,391,716				8.0	%		$	5,873,644			$	5,476,596				7.2	%
SAME FACILITY:
		ACUTE												BEHAVIORAL HEALTH
		09/30/26				09/30/25				% change				09/30/26				09/30/25				% change
Hospitals owned and leased			29				29				0.0	%			341				341				0.0	%
Average licensed beds			7,239				7,105				1.9	%			23,809				23,714				0.4	%
Average available beds			7,067				6,933				1.9	%			23,709				23,614				0.4	%
Patient days			1,274,419				1,254,271				1.6	%			4,814,191				4,736,987				1.6	%
Average daily census			4,668.2				4,594.4				1.6	%			17,634.4				17,351.6				1.6	%
Occupancy-licensed beds			64.5	%			64.7	%			-0.3	%			74.1	%			73.2	%			1.2	%
Occupancy-available beds			66.1	%			66.3	%			-0.3	%			74.4	%			73.5	%			1.2	%
Admissions			265,756				262,352				1.3	%			351,347				346,589				1.4	%
Length of stay			4.8				4.8				0.3	%			13.7				13.7				0.3	%
Prior year amounts related to certain facilities previously included in our Behavioral Health Care Services’ results have been reclassified into our Acute Care Hospital Services' results as of January 1, 2025 to conform with current year presentation.

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